Decision

The loan is provided for the sustainability and development of the operations of Bazaar Food Hall Ltd

Reasons for the decision

The transformation of Captain Cook Precinct into a high quality leisure destination continues to gather significant momentum with Umami being the latest tenant to commit to the precinct, with further interest remaining strong. Bazaar is considered to be an anchor tenant, it has a strong local and regional presence and provides positivity for the wider scheme in terms of popularity and footfall. Ensuring that Bazaar remains and grows in popularity will cement its place within the scheme, which is of great importance to the wider vision for the precinct.

Alternative options considered

The Council could choose not to provide the loan. This may have a detrimental impact upon the pace to which the wider scheme develops. The Council has a vested interest in the site from both regeneration and financial perspectives, as such the continuing development of Bazaar is deemed to be the appropriate course of action, so the option to not provide the loan has been discarded.